A press release says revenues in the state are projected to climb by three percent, instead of the 4.8 percent increase previously projected. In order to ensure that the state's budget is balanced, the Shumlin Administration is proposing to trim approximately $31 million from Vermont's $1.4 billion general fund budget, about a two percent reduction.
“We’ll meet the need by reducing spending, just as a family would do if they learned that a raise wasn’t going to be as high as expected,” Gov. Shumlin said. “While any reduction from the approved budget will present challenges, we are focused on delivering the best possible services to Vermonters within the means that we have. We hope to work quickly with the Legislature to make these changes in a fiscally responsible way that minimizes the disruption caused by the adjustments.”
A proposal of cuts from the administration will be sent for approval by the Joint Fiscal Committee to ensure state spending fits the new growth forecast. The administration says they will not support any cuts made on already burdened property taxpayers.
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